Waterfront Wealth Inc. Sells 15,302 Shares of Harmonic Inc. $HLIT

Waterfront Wealth Inc. trimmed its holdings in shares of Harmonic Inc. (NASDAQ:HLIT) by 40.8% in the second quarter, according to its most recent filing with the SEC. The firm owned 22,208 shares of the communications equipment provider’s stock after selling 15,302 shares during the period. Waterfront Wealth Inc.’s holdings in Harmonic were worth $210,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in HLIT. Y Intercept Hong Kong Ltd lifted its holdings in Harmonic by 200.3% during the 2nd quarter. Y Intercept Hong Kong Ltd now owns 322,826 shares of the communications equipment provider’s stock valued at $3,057,000 after purchasing an additional 215,335 shares during the last quarter. MQS Management LLC bought a new position in Harmonic during the 2nd quarter valued at about $193,000. AlphaQuest LLC lifted its holdings in Harmonic by 405.2% during the 2nd quarter. AlphaQuest LLC now owns 139,858 shares of the communications equipment provider’s stock valued at $1,324,000 after purchasing an additional 112,172 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Harmonic during the 2nd quarter valued at about $937,000. Finally, CWM LLC lifted its holdings in Harmonic by 277.7% during the 2nd quarter. CWM LLC now owns 26,886 shares of the communications equipment provider’s stock valued at $255,000 after purchasing an additional 19,767 shares during the last quarter. 99.38% of the stock is owned by institutional investors.

Harmonic Trading Down 1.6%

HLIT opened at $10.38 on Thursday. The company has a current ratio of 1.99, a quick ratio of 1.58 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $1.18 billion, a PE ratio of 17.59 and a beta of 1.01. Harmonic Inc. has a 1-year low of $7.80 and a 1-year high of $13.75. The firm has a 50-day moving average price of $10.06 and a two-hundred day moving average price of $9.46.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, July 28th. The communications equipment provider reported $0.09 EPS for the quarter, topping the consensus estimate of $0.03 by $0.06. Harmonic had a net margin of 9.96% and a return on equity of 17.83%. The company had revenue of $138.03 million during the quarter, compared to analysts’ expectations of $134.90 million. During the same quarter in the previous year, the company earned $0.08 EPS. Harmonic’s revenue was down .5% on a year-over-year basis. As a group, equities analysts anticipate that Harmonic Inc. will post 0.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Wall Street Zen downgraded shares of Harmonic from a “buy” rating to a “hold” rating in a report on Saturday, August 2nd. Barclays cut their price target on shares of Harmonic from $10.00 to $8.00 and set an “equal weight” rating for the company in a report on Tuesday, July 29th. Wolfe Research assumed coverage on shares of Harmonic in a report on Tuesday, July 8th. They set an “underperform” rating for the company. Weiss Ratings reissued a “hold (c-)” rating on shares of Harmonic in a report on Wednesday, October 8th. Finally, Rosenblatt Securities raised their price objective on shares of Harmonic from $11.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, October 1st. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Harmonic currently has an average rating of “Hold” and a consensus price target of $11.63.

Harmonic Profile

Harmonic Inc, together with its subsidiaries, provides broadband solutions worldwide. The company operates through Broadband and Video segments. The Broadband segment sells broadband access solutions and related services, including cOS software-based broadband access solutions to broadband operators; and cOS central cloud services, a subscription service for cOS customers.